chapter 1 Introduction to engineering economics - - Course Title Engineering Economics Course Code CEng 6132 Program MSc in COTM Credit ECTS Credits 6

chapter 1 Introduction to engineering economics - - Course...

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Course Title: Engineering Economics Course Code: CEng – 6132 Program: MSc in COTM Credit: Instructor: Fasika Bete (Dr.-Ing.) ECTS Credits 6 Contact Hours (per week) Lecture Tutorial & Seminars Home Study Total contact Hrs. 3 4 6
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Course outline Chapter Topics 1 Introduction project Management & Engineering Economics 2 Introduction to Construction Accounting 3 Understanding Cash Flow Diagrams, Interest Rates and Time Value of Money 4 Evaluation of Business & Engineering Projects 5 Understanding the 3 Worths - Present, Future & Annual Equivalent-Worth Analysis 6 Rate-of-Return Analysis 7 Benefit-Cost Analysis and its Implication for Public Sector Projects 8 Depreciation, Taxation and Inflation 9 Retirements and replacement analysis 10 Risk and Uncertainty 11 Cost Concepts & Capital-Budgeting Decisions
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EVALUATION Assignment 15% Mini quiz & Class Discussion 20% Project Report and Project Presentation 25% Final Exam 40% Project Report and Project Presentation Practical Application: Find a project topic Project report, team work !!! At least 3, up to 6 students a group Quizzes (all in class) Based on examples and problems in the book 20 minutes long, about 4 problems
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Chapter 1 Introduction Project Management & Engineering Economics
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The Two End Points in a Project Inspiration Operation A miracle occurs
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Construction of Great Pyramid of Cheops, Alexandria Light House, Ajnata Caves (India) Pyramids, Taj Mahal, Shalamar Garden, Mosques and Forts Great projects Ethiopia ,,,,,,,,,, But……… Projects in Stone Ages
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Beginning of Modern project Management U S Navy's Polaris Program, NASA's Apollo, Space shuttle & SDI ("star wars") programs - specially developed management approaches to extraordinarily complex projects. A Project Is A Problem Scheduled For Solution .” J M Juran Problem -gap b/w where u R & where u want to be, with an obstacle that prevents easy movement to close the gap. INTRODUCTION
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“A project is a temporary endeavour undertaken to create a unique product or service:” Definition A group of activities -to be undertaken with limited resources to yield specific objectives in a specific time in a specific locality.
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A typology of projects
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Life Is A project
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Attributes of a Project One Goal: have a single goal as compared to a program Has a customer Specified Time : C ompletion date Within Budget: R esource limits (people, money, machines) According to Specs: Customer expects a certain level of Functionality & Quality (S elf-imposed or Customer- specified, & Fixed) .
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Operations & Projects Distinguish b/w projects & operations: Operations ongoing & repetitive projects - temporary & unique, performed by teams: -Clearly defined team & individual roles -Open & effective communications -Visible rewards for good performance, pressure to improve Poor performance projects may include activities such as: Developing a new product or service.
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